SPRINGFIELD- Illinois startups may soon have a new tax credit available, thanks to State Senator Michael E. Hastings (D-Tinley Park).

Hastings joined the Illinois State Senate in voting to override the governor’s veto of Senate Bill 1462, which creates a new tax credit to reimburse new startup businesses for state fees associated with forming a new business in Illinois.

“The investments we make in small businesses spur economic development and new jobs for our communities,” Hastings said. “Our communities win when small businesses thrive in Illinois.”

The tax credit will reimburse beginning entrepreneurs who are forming new businesses in the information service, biotechnology and green technology business sectors for state fees associated with starting a new business in Illinois.

The Department of Commerce and Economic Development will administer the program. The program is capped at a total of $500,000 in reimbursements. Hastings was shocked by Governor Rauner’s veto of legislation that may help build Illinois’ economy.

“I was surprised the self-described ‘business governor’ did not embrace new legislation to enhance Illinois’ economy and encourage new residents to invest in our communities,” Hastings said. “Growing our economy is not a partisan issue. It is our responsibility to work together to create new jobs and encourage entrepreneurs to choose Illinois as their home.”

Hastings says the Department of Commerce and Economic Development will evaluate the program’s effectiveness and report back to the General Assembly and governor to ensure the tax credit is achieving its goal. At that time the General Assembly can work together to enhance and change the tax credit to make sure it is meeting the needs of local residents.

Senate Bill 1462 passed the Senate and now heads to the House for consideration.

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